Business analysts assess and analyze the structure and organization of business and recommend solutions. Often these solutions bridge a business' goals with its information technology needs. Business analysts need solid research, analysis and computer skills. Entry level professionals in business analysis can expect competitive salaries as well as opportunities for professional and financial advancement.
Entry Level Salary Ranges
Entry level annual salaries for business analysts with less than one year of job experience range from $31,160 to $58,866, according to a 2011 survey of more than 1,300 business analysis professionals by Pay Scale Inc. Analysts who have between one and four years of experience can earn salaries ranging from $36,993 to $71,753 a year, the survey indicated. The website Salary.com reported that entry level business systems analysts earned an average salary of $50,476 a year. Salaries ranged from a low of $40,391 to a high of $63,349, the website reported.
Salaries by Industry
Leading industrial sectors that employ business analysts include software development firms, hospitals and other healthcare providers, insurance companies, software applications manufacturers and financial services companies. According to Pay Scale, healthcare and insurance offered the highest beginning salaries for business analysts. Annual salaries averaged $40,680 a year in healthcare and $40,853 in insurance companies. In financial services and software applications, entry level salaries for business analysts averaged $40,471 and $40,293 per year, respectively. Software developers paid lower salaries, averaging $39,205 a year.
In addition to competitive base salaries, business analysis professionals sometimes receive performance bonuses and profit sharing pay as part of their overall compensation packages. Pay Scale reported that average bonuses for business analysts range from $733 to $9,955 a year. Profit sharing, meanwhile, ranges from $200 to $6,725 a year. The most common benefits packages for business analysts include medical and dental coverage, and in some cases, vision coverage.
As business analysts gain experience, they can expect to see larger salaries. Pay Scale reported that annual salaries for analysts with five to nine years of experience ranged from $44,235 to $87,243. Analysts with 10 years' experience or more earned as little as $51,165 or as much as $98,216 a year.
Salary.com reported that entry level business analysts need a minimum of an associate's degree. Many business analysts major in a business- or computer science-related field. The website also reported that entry level analysts typically report to a manager and that their functions usually do not require independent judgment.